CNN economist says inflation is needed for a ‘kinder, gentler’ economy, opportunity to put price on carbons

President Joe Biden hasn’t even been in office a year and a half yet, but Americans have already heard a slew of different takes on the economic woes facing the nation.

From claims of it being transitory to blaming Russian President Vladimir Putin and even suggesting that voters don’t realize how good the economy is actually doing, corporate media surrogates now seem poised to fully embrace the pain as a necessary evil on the road to a “kinder, gentler” economy.

CNN’s global economic analyst and Financial Times columnist Rana Foroohar joined The New York Times’ “The Ezra Klein Show” Friday where she alluded to the smoke and mirrors rhetoric that progressives have been hiding behind in an attempt to win on the economy and their green initiatives. During the lengthy discussion that confounded the known detriments of crony capitalism with free-market enterprise, Foroohar echoed Biden’s sentiments on greed.

“What’s the cost of something if you actually have a real price on carbon, and then you have to tally in how much it costs to tote it over tens of thousands of miles from the South China Seas? What’s the cost if you have proper environmental and labor standards?” she asked. “This is the conversation happening right now. And once you start pricing all those cost in, and you start really thinking of the economy in a different way, then yeah, it is certainly is inflationary.”

“And this is something that I think, unfortunately, no politician, particularly the Democrats right now in advance of a midterm or a presidential want to land on,” Foroohar surmised, “which is some of the transitions to a kinder, gentler, I believe more stable, and ultimately more resilient economy, are going to be inflationary in the short to medium term.”

However, Foroohar’s analysis is not so unique as Biden hinted at this narrative during a joint press conference with Japanese Prime Minister Kishida Fumio while overseas in May, saying, “when it comes to the gas prices, we’re going through an incredible transition that is taking place that, God willing, when it’s over, we’ll be stronger and the world will be stronger and less reliant on fossil fuels when this is over.”

Biden has since followed up those statements by threatening oil companies with an ultimatum to meet his demands to soften that transition or he would “use all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term.”

Foroohar went on to praise the moment the global economy is in, both for the Green agenda and civil rights causes like slave labor in foreign markets that have otherwise been ignored by social justice warriors.

“There’s of course, an amazing opportunity right now for the U.S. and Europe to come together on climate change standards, and maybe even put a price on carbon, which would just immediately knock out Chinese mercantilism because it would actually help us to tally the cost of cheap labor, child labor, long supply chains, that take up too much energy to tote cheap stuff to us to put in Walmart or sell on Amazon, all of these things are happening,” she said.

The analyst also put some of the blame on the Federal Reserve and the limited means they have to combat inflation. Fed Chair and current Treasury Secretary Janet Yellen, however, has remained at the forefront of spin on the state of the economy as she has continued to ignore the administration’s policies as being culpable, even in part, for the economic downturn.

Still, Foroohar arrived at the conclusion that the problems are a good thing because they will usher in a new economic system.

“And so I just see so many tailwinds and I think ultimately, we’re going to be in for a lot of turmoil,” she said, “but I think they’re going to take us to a better place. Because as we’ve talked about for the last hour plus, the old system was untenable.”


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Kevin Haggerty


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